The developer just received Miami's coveted special-use permit, required for all tower construction here. Locally based Fortune International, headed by Edgardo Defortuna, is handling the sales and marketing, and Baboun says the 364 units are more than 80% pre-sold. Delivery is scheduled for spring 2008.

Originally planned as a 39-story tower, the developer and architect Bernard Zyscovich, also based here, added an additional 10 floors. They provide another five floors of two-story lofts to the initial plan, which called for just one floor of the loft-unit configuration. Units range from studios of approximately 537 sf with 131-sf balconies that sell for about $300,000 to a three-bedroom, plus den, loft-style penthouse that sells for $1.4 million. A representative two-bedroom, two-bath unit measures 1,431 sf and has a balcony of up to 451 sf. Two-bedroom penthouses are available beginning at $700,000, Baboun says.

He credits the early pre-sell success to "pent-up demand from Downtown executives and young professionals wanting to live close to their offices. Nearly half of the sales to date are from local residents looking to live in the Brickell area," he says. Construction of 1390 Brickell Bay called for the demolition of a smaller building on the one-acre parcel located a block from the bay. "This is the most prized area in Miami," he says, "and there is no land left."

Building amenities include a heated pool, recreational sun deck, fitness center and spa. Residential units have nine-foot ceilings, city and bay views, balconies, full-size washer and dryer and upscale finishes and fittings.

BBB is an affiliate of a company that has developed projects in Mexico.